Payments are limited to $30,000, which means that top-performing graduates could pay 85 percent more than the usual education fee, more than double what they would pay without ISA. Payments are made when a graduate loses his or her job or takes maternity or paternity leave. Students are free after five years. The school also advises students not to pay if their income falls below 4,166.66 $US per month. At a time when higher education graduates do not work and have no income, they do not have to pay for their ISAs. When working, ISA recipients only have to pay a percentage of their income for the commitment. Instead of asking for $12,000 in advance, you now have the option to start for a single loonie. You pay a percentage of your income after you are hired, but only if you earn at least $50,000 a year. Students who choose the ISA option on HackerYou would pay $1 in advance for a 9-week full-time bootcamp program, which will cost $12,000.
Once a graduate earns a salary of $50,000 a year or more, he or she would have to pay back 17 per cent of his or her income to the school for 24 months. With the introduction of ISAs, HackerYou is trying to make its vocational training programs more accessible to Canadians who cannot afford to pay in advance for training. Students who opt for an ISA must pay only $1 in advance or have the option to pay 12,000 CAD in advance. Once a graduate earns $50,000 a year or more, they donate 17 percent of their income to HackerYou for two years to pay for the courses. Originally introduced in April 2019, the payment limit for a revenue-participation contract at HackerYou was $30,000. We are pleased to inform you that this ceiling has been lowered to $18,000 as of June 20, 2019. As more and more schools across North America offer ISA services, we are seeing some common standards emerge, and as the first school in Canada to offer this program, we are happy to align and define these standards. One standard is that the payment limit for an ISA is generally 1.5 times higher than that of preschool education.
That is why we have reduced our payment limit accordingly, which means that no graduate will pay more than $18,000 for bootcamp training. Not only does this change make our ISA program more focused on industry standards, but it also makes the program more accessible to Super Star Bootcamp candidates. Students who opt for an ISA must pay only $1 in advance. As soon as a graduate earns $50,000 a year or more, they pay HackerYou a percentage of their income for two years to pay for thought-provoking courses. However, the way the model works could mean that graduates end up paying 85 per cent more than the usual education fee, more than double what they would pay without ANS. Suppose an income is moderately above the minimum threshold: the second case to be considered would be an income moderately above the minimum threshold. A reasonable estimate could be 50-80% above the minimum income, so if the minimum is $40,000, it provides for an income of $60,000 to $75,000 (where, in this area, it probably depends on geography and work experience). In this average result, you balance the payments you would make under an ISA to those you would make with a loan and take into account the impact of these payments on your budget. Students can finance training in three ways: pay in advance, borrow traditionally or participate more and more in ISAs. Faced with the new ISA, we work with each student to find a compromise between the different payment schedules. The main advantage of financing training with an ISA over debt is that ISA payments adapt to what you can afford based on income; The main advantage of debt is that you know exactly what you need to pay, regardless of the success you have.